Indian Economy: India on the way to become the third largest economy, will become a developed country by 2047

New Delhi. India’s economy is growing rapidly all over the world. India’s run of success continues with a V-shaped recovery after the shock of the pandemic and its economy is projected to repeat the same growth trajectory in 2023. India is on its way to becoming the third largest economy in the world in less than a decade from now. India has also set a target of becoming a developed country by 2047.

The revision of India’s GDP growth forecast by the World Bank from 6.4 per cent to 6.9 per cent in the current financial year confirms India’s policies and reforms in the recent past. World Bank Country Director in India August Tano Quame credited India’s strong macroeconomic fundamentals for the “remarkably resilient” economy.

Estimated to record 7 percent growth in FY23
According to the Government of India’s own estimates, India will register a growth of 7 percent in the financial year 2022-2023. According to the Ministry of Statistics and Program Implementation, this is no small feat considering that many countries around the world are grappling with adverse economic conditions. According to the ministry, the country’s nominal GDP is also estimated to increase by 15.4 percent.

Reforms like PLI and PM Gati Shakti have proved important
Economists say that the government’s policy reforms Production Linked Incentive (PLI) and PM Gati Shakti have proved to be instrumental in achieving favorable results for the Indian economy.

PLI very useful to increase manufacturing exports
Author and investor Harsh Madhusudan says that production linked incentive manufacturing is very useful for increasing exports. There is no doubt that this will be a major part of the shift of manufacturing from a concentrated region of the world to India and elsewhere and India will be a major beneficiary of such policies.

Expressway is ready to accelerate the pace of Brand India
India has successfully balanced welfare schemes and infrastructure expansion. Especially since the outbreak of the pandemic, India was able to ensure food security to millions of families while the country’s hard infrastructure has seen a total transformation over the years. The construction of expressways at a record pace coupled with new freight corridors are set to accelerate the momentum of the already flourishing Brand India.

Aim to reduce logistics cost
India aims to reduce its logistics cost from 14% to 8% in the next 5 years. According to the National Logistics Policy, it will ensure that logistics plays the role of a growth engine in the Indian economy.

India expected to receive USD 100 billion FDI for the first time
Efforts to ease FDI rules will lead to better logistics and better image of India as an investment destination. India is expected to receive USD 100 billion FDI for the first time in this financial year.

From renewable energy to real estate, from fintech to automobiles and from healthcare to hospitality, all Indian sectors are set to take giant leaps in the times to come. Many predict that India will become one of the most demanding markets in the world. India is on its way to becoming the third largest economy in the world in less than a decade from now. India has also set a target of becoming a developed country by 2047. To meet this target, the Indian economy will have to grow continuously at an average rate of about 8 per cent annually.

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Tags: Economy, GDP, GDP growth, Indian economy